​​​This page was created to give you answers to common tax questions we receive. Contact us if we can help clarify anything!

withholdings / tax rates

1. ​How do I ensure accurate pay withholdings?
2. How does changing jobs or having multiple employers affect my withholdings?
3. How can I still owe if I claim “0” on my W4?
4. Will contributing more to our 401k help us not owe with our tax return filing?​
5. Do I need to make estimated tax payments?
6. Are my work bonuses & commissions really taxed at a higher rate?​
7. How are my taxes affected by receiving a lump sum of income?
8. Do I have to pay payroll taxes for my cleaning person, nanny, gardener, pet sitter, or home nurse?​
9. ​Do my kids need to file a tax return/ pay taxes?
10. What is my tax rate?

deductions / credits

​

1. What are the differences between tax credits and tax deductions?​
2. Is there an age limit on claiming a dependent?
3. How does the Child Tax Credit work?
4. ​What is the Other Dependent Credit?
5. Should I utilize my employer's flex account, or take the child care credit?
6. Should I participate in my employer's flex spending account for medical expenses?
7. How can a health savings account help me?​
8. How do I value and keep records for my property donations? (Goodwill, etc.) 
9. How does the premium tax credit work?
10. Are renovations/improvements made to my primary home tax deductible?​
11. ​Can I deduct employee-related business expenses?
12. How do I get a tax deduction for donating a vehicle?
13. Are my gambling losses tax deductible?
14. Should I take the standard deduction? Or should I itemize deductions?
15. Should I track medical expenses for tax purposes?
16. When can I deduct moving expenses?
17. Is my car registration fee deductible on my tax return?
18. Can I deduct sales taxes on my tax return?
19. ​Are there any tax deductions for my motor home, boat, or travel trailer?
20. ​How does the electric vehicle tax credit work?
21. ​How does the solar tax credit work?

business-related

1. What tax & financial tips should I know for my business?​
2. How do I determine what is considered a business expense, verses a personal expense?
3. What are "self-employment" taxes?
4. Can I deduct business meals?
5. When are work "uniforms" tax deductible?
6. ​Can I deduct expenses for a vehicle I use in my business?
7. What are the two different methods for deducting work vehicles?
8. How does the section 179 vehicle deduction work?
9. What are direct vs. indirect expenses for a home office?
10. How do I deduct shared business and personal use expenses, like cell phone and internet?
11. What is depreciation for business assets?
12. My business is currently structured as a sole proprietorship, should I incorporate?

RENTAL PROPERTIES

1. What tips should I know for renting out my home?
2. What should I know about converting my primary home into a rental? 
3. What are passive loss carryovers on rental properties, and how do they work?
4. How does depreciation affect rental sales?
   

MISCELLANEOUS

1. ​How long should I keep various tax records?
2. I'm married...should I file joint, or separate?​
3. I'm being offered work where I can choose a 1099 or a W2...which is better?
4. Why is my state refund taxable?
5. Are unemployment benefits taxable?
6. ​Is disability income taxable?
7. Is social security income taxable?​​
8. Is my settlement taxable?
9. Will I have to pay taxes on my inheritance?​
10. Do I have to pay taxes on gifts I make to family or friends?
11. What are capital gains and how do passive losses work?
12. Should you reinvest dividends on stocks & mutual funds?
13. What is Alternative Minimum Tax (AMT), and how does it work?
14. I made excess contributions to my HSA...how do I correct the mistake?
15. Why did I get a notice about additional taxes owed after filing my return and paying the taxes due?
16. ​When does the IRS charge interest/penalties and how are the amounts calculated?
17. Is it the IRS, or a scam?
18. What do I do if I receive a letter from the IRS?
19. ​How does the 2018 Tax Reform affect me?​

View our other FAQ Pages:

• ​Home Loan FAQ's
• ​Personal Finance FAQ's